SNX chart indicates a Wyckoff accumulation

3 days ago

The SNX/USDT chart indicates a Wyckoff accumulation pattern unfolding, with clear phases aligning with the methodology. In Phase A, the Selling Climax (SC), Automatic Rally (AR), and Secondary Test (ST) established the range. Phase B displayed prolonged consolidation with supply absorption and low-volume tests. Phase C introduced the Spring and Last Point of Support (LPS), signaling the final demand test. Currently, in Phase D, the Sign of Strength (SOS) and Back-Up to LPS (BU/LPS) within a consolidation triangle confirm demand dominance. Technically, the immediate target is the $5,000 resistance zone, with a long-term projection towards $14,000 in Phase E post-breakout. RSI at 79 supports bullish momentum, while volume trends affirm the accumulation phase. A breakout from Phase D could trigger significant upward movement.